Should we buy a home or continue to rent for a year or two?

Question by wishing_i_could_sing: Should we buy a home or continue to rent for a year or two?
Okay, I know that buying a home is a great idea. But I have some questions concerning it. Here is my scenerio: My husband and I live in the Houston, Texas area. Our lease is up in a month and a half. We really want to move at that time into a place that has at least two bedrooms and a garage (apartment or house). We really want to buy a home BUT, at this time we can’t afford the home we want. Our annual income is approximately 50,000.00, and our fixed monthly expenses before rent are approximately 1081.00. I have a lot of bad credit, including outstanding and charged off debt. My husband has fairly good credit, probably in the high 600s.
What I want to know is: Is it even worth trying to get a home? If so should we try to buy new or used? And, if we buy one and we want to sell it in a few years is that really a good idea? Also, we aren’t exactly in the positiong to do major repairs on a house, will that effect us? People keep saying to buy a house, are they right?

Best answer:

Answer by Daniel L
Your first home doesn’t need to be your dream home. You can move up later.

Timing the housing market is very difficult. Buy when you can and enjoy all of the benefits of home ownership.

Know better? Leave your own answer in the comments!

How many Credit Cards should I have open at one time?

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Zoxx wants to know:

Right now I have 10 Credit accounts open. Ranges from $424.00 to $5200.00 with a credit score of 728.

I have $0 balance all of my cards at this time.

I just applied to get a motorcycle and they denied me saying that I have too much revolved credit open.

I rent a apt due to the high housing prices. I have yet been able to afford a house due to those circumstances.

I have a couple questions that I hope can be answered.

1. How many Cards should I have open at one time?

2. I have heard having allot of closed accounts on your credit report looks bad. T or F (Explanation Please)

3. I have heard that you should always keep a small balance on all your cards. T or F (Explanation Please)

4. Should I try and get an outside loan from a banker or lender to get a lower APR than what they are offering at the dealership?

5. Any other useful tips to help keep my credit score on the rise without accruing allot of debt?

Thanks Allot.